75 curlew towns. House prices in Toronto are rising by 12% a year. Toronto’s red-hot property market cooled, with prices rising a further 12.58% year-on-year in August, but property transactions shrank by 19.95% year-on-year.Please Visit: 75 curlew towns to Get Your VVIP Registration Today!
According to the Toronto Real Estate Bureau (TRREB), the average transaction price of properties in the Greater Toronto area in August was 1070911 yuan, up 12.58% from 951219 yuan in the same period in 2021, and only slightly up 0.81% from the average 1062256 yuan in July this year.
In terms of transaction volume, there was a decline, with only 8596 property transactions in August, down 19.95% from 10738 in the same period in 2020 and 8.24% from 9368 in July this year.
New supply in the market even fell sharply, with 10609 units for sale in August, down 42.96 per cent from 18599 in the same period in 2020 and 15.47 per cent from 12551 recorded in July this year.
Kevin Crigger, president of the Toronto property bureau, said he was shocked that new supply had fallen to its lowest level in the past decade. He said it was clear that property supply could not keep up with demand and that the situation would get worse once immigration rebounded.
Over the past year, buyers have rushed to enter the market by taking advantage of low mortgage interest rates, thus reducing the volume in the market. even if the market will be released for a relatively long time in the future, it will be difficult for the red-hot property market to cool down significantly, and the bidding war in the market will still become the norm because the supply is getting smaller and smaller.
According to the Real Estate Bureau, the average transaction price in Toronto in August was 1000008 yuan, down 1.26 percent from 1012817 yuan in August 2020, but the average property price in the 905 area recorded a year-on-year increase of 20.12 percent from 923204 yuan in August 2020 to 1108981 yuan.
The property Bureau said that the development of the property market in the Greater Toronto area will still benefit property owners.
The real estate bureau predicted in February that by the end of 2021, the average property price in the Greater Toronto area would reach 1.025 million yuan, 10.25% higher than the average transaction price of 929692 yuan in 2020.
Jason Mercer, chief market analyst at the Toronto Real Estate Bureau, said the number of prospective buyers in the market had not decreased and that bidding would intensify as supply and demand for properties became more tight as population growth resumed in the greater Toronto area.